Huobi exchange has been unable to withdraw $13.2 million of funds from FTX exchange

Huobi crypto exchange funds on FTX

Huobi subsidiary Hbit has disclosed that it has $18.1 million in FTX that it is unable to recover. Customer funds totaled $13.2 million, which will be covered by an unsecured loan of up to $14 million.

Huobi has revealed that it, too, is a victim of the FTX scandal. In a notice, it stated that it was unable to withdraw $18.1 million from the now-defunct exchange.

Customers own $13.2 million, with the remaining $5 million owned by subsidiary Hbit.

Huobi also revealed that it had applied for a $14 million unsecured loan to help cover the $13.2 million in customer losses, resulting in a $32 million liability for the company.

According to Huobi, the frozen funds have no effect on normal business operations. Hbit operates independently of the Huobi Group’s other business entities, which are unaffected.

Huobi, on the other hand, stated that it is not entirely safe for the company, with the notice stating,

“…the Board anticipates that the financial performance of the Group might be materially and adversely affected in the event that the Incident is not resolved. The Board will discuss with the Group auditor to discuss the impact of the Incident on the Group’s financial position.”

On November 11, FTX filed for bankruptcy, causing widespread panic in the cryptocurrency market and causing prices to plummet. Many others are unable to withdraw their funds as well.


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